Program Highlights

• Interest rate of 0% until December 31, 2022, with an interest rate of 5% thereafter;
• No minimum monthly principal payments required until December 31, 2022;
• Principal repayments can be made at any time;
• If you repay 75% of the Principal amount on or prior to December 31, 2022 the remaining 25% of the Principal amount will be forgiven.

How to Apply

• Log in to your online banking account
• On the left hand side select "Account Services"
• Click on "Canada Emergency Business Account (CEBA)"
• Complete the required steps
• Once submitted, an Northern Savings representative will process the application
• If your application is approved, you will be contacted to sign the required documents

Eligibility

• The person applying has the ability and authority to bind the organization;
• The business is a Canadian registered business (not a holding company) operational on or before March 1, 2020;
• The business paid between $20,000 and $1.5 million in total payroll in 2019;
• The business has their Canada Revenue Agency Business (CRA) Number (15 digits), as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM), and can produce the document when requested upon audit by the Government of Canada;
• The business reported employment income in Box 14 of your 2019 T4SUM;
• The borrower on behalf of the business, agrees that the funds from this loan shall only be used by the Borrower to pay non-deferrable operating expenses such as payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, and may not use loan proceeds to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation;
• Northern Savings must be the primary financial institution for the business and the operating account must have been opened prior to March 1, 2020;
• The business must be a member in good standing, and must not have had any delinquencies (no arrears) for at least 90 days prior to March 1, 2020;
• The business has not applied for the program through any other financial institution;
• The borrower agrees to participate in post-funding surveys conducted by the Government of Canada or any of its agents.

FAQs

Contact our Business Account Managers

Haida Gwaii

Prince Rupert

Terrace